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October 13, 2017
NMHC/NAA Release New White Paper on Fair Housing
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NMHC/NAA have released a new white paper examining the diverging standards being used by the Department of Housing and Urban Development (HUD) and the United States Supreme Court in assessing disparate impact liability under the Fair Housing Act (FHA). The document provides an in-depth review of both recent disparate impact cases and rulings and the current political landscape for fair housing issues.

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Tax Reform to Follow Budget Resolution

The Trump Administration and GOP Congressional leaders consider tax reform a top priority. While Republicans had once hoped to complete tax reform prior to the August recess, their goal now is to enact legislation by the end of the year.

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NMHC Insider
NMHC/NAA to Host Policy Forum on the Future of Multifamily Housing
NMHC, along with NAA, will host a policy forum with housing leaders from government, industry and academia to discuss the future of multifamily housing and steps that can be taken towards solving America’s affordability crisis. The event will focus on answering a single question, though answers are complex: How can local, state, and federal stakeholders and the private sector work together to stem the tide and ensure a stronger housing future for families?
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NATIONAL FLOOD INSURANCE PROGRAM
NMHC/NAA Push for Hurricane Relief (White Housing Funding Request to Raise NFIP Borrowing Limit)
Today, in bipartisan fashion, the House of Representatives passed a supplemental spending bill that includes the Trump Administration’s newest hurricane disaster relief request. As the legislation was being drafted, NMHC/NAA weighed in with Leaders of both the House and Senate and highlighted the impact these storms have had on the apartment sector.
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HOUSING FINANCE REFORM
NMHC/NAA Outline Industry Principles at GSE Hearing with FHFA Director Mel Watt
FHFA Director Mel Watt testified before the House Financial Services Committee on October 3 in a hearing entitled, “Sustainable Housing Finance: An Update from the Director of the Federal Housing Finance Agency.” NMHC/NAA outlined the apartment industry’s core housing finance reform principles in a letter submitted for the record.
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ESTATE TAX
After Push by NMHC/NAA, Treasury Rescinds Burdensome Estate Tax Regulations
In a major victory for the apartment industry, the Treasury Department announced on October 2 that it will withdraw proposed estate tax regulations targeting intra-family transfers and valuation discounts that result from lapsing rights and restrictions on liquidations. NMHC/NAA have long called for these regulations to be rescinded as they would have limited valuation discounts – resulting in greater estate tax liability for closely held family businesses, as well as imposing new risks on the continuity of family-owned real estate businesses. If enacted the regulations would have impaired the robust job creation and economic growth driven by these businesses.
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FIRPTA
Bipartisan Group of House Ways and Means Members Requests FIRPTA Relief
NMHC/NAA were encouraged this week when a bipartisan group of 32 House Ways and Means Committee members sent a letter on October 10 that was strongly supported by the apartment industry to Treasury Secretary Steven Mnuchin calling for relief from the Foreign Investment in Real Property Tax Act (FIRPTA). Spearheaded by Reps. Pat Tiberi (R-OH) and Joe Crowley (D-NY), the tax writers asked the Treasury Department to withdraw IRS Notice 2007-55 with respect to liquidating distributions of a REIT.
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AFFORDABLE HOUSING
Bipartisan Group of Senators Exploring Cost of Inaction on Housing Affordability
A bipartisan group of geographically diverse Senators sent a letter to the Government Accountability Office (GAO) this week asking them to evaluate the housing market and specifically housing affordability.
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HVCRE
Banking Regulators Issue Updated Proposed Rules Regarding HVCRE
Reform of the High Volatility Commercial Real Estate (HVCRE) regulations is a top priority for NMHC/NAA and to that end we have taken a two-track approach to improving the rule that is starting to bear fruit.
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COMPENSATION and BENEFITS and LABOR POLICY and UNIONIZATION
Apartment Industry Calls for Overturn of Joint Employer Rule
This week NMHC/NAA sent a letter of support to the House Education and the Workforce Committee regarding legislation to overturn the National Labor Relation Board’s (NLRB) joint employer rule. The Save Local Business Act would rectify the rule by restoring the requirement that employers must have direct and immediate control over the essential terms and conditions of employment. Apartment firms should not be left liable for fines for employees of suppliers who violate Federal labor laws. The Committee approved the Save Local Business Act on October 4, sending it to the full House for consideration.
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CAPITAL MARKETS and LIQUIDITY
NMHC/NAA to Comment on FHFA Strategic Plan for 2018-2020
The Federal Housing Finance Agency (FHFA),is requesting comments from Members of Congress, the public, and interested stakeholders on its Strategic plan for Fiscal years 2018-2022 for Fannie Mae and Freddie Mac (the Enterprises) and the Federal Home Loan Bank System.
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NATIONAL FLOOD INSURANCE PROGRAM
Congress Once Again Looks at Private Flood Insurance
In the wake of Hurricanes Harvey, Irma, and Maria, Congress tried once again to enact NMHC/NAA supported legislation to lessen future taxpayer exposure to flooding events by increasing the role of the private sector in the flood insurance marketplace.
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TAX REFORM
What the GOP Tax Reform Framework Means for Multifamily
Congressional Republicans and Administration leaders released a widely anticipated tax reform framework yesterday. (Read the full framework or a White House one-pager). While the package does not go into specific details, it does lay out a number of changes to that tax code that could have a significant impact on the multifamily industry.
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Upcoming Meetings
 
 
NMHC PAC
NMHC PAC Stays the Course
Washington, D.C. is abuzz. With critical issues such as tax reform, immigration, health care, cyber security and gun control being debated on Capitol Hill, NMHC and its PAC continue to stay on message delivering our points to key Members of Congress on the value of the multifamily industry.
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Hill Watch
U.S. Senate Committee on Banking, Housing & Urban Affairs hearing on Consumer Data Security and the Credit Bureaus
Media Roundup
Treasury Report Calls for Extensive Regulatory Relief to Finance Industry
HousingWire
Ryan Makes Plea for GOP Unity On Tax Reform
Politico
Challenges Pile Up for Republicans on Tax Reform
NBC News
Housing Finance Reform Advocate Sen. Bob Corker Will Not Seek Re-Election In 2018
HousingWire
The Scoop

An Old-School Pharmacy Hand-Delivers Drugs to Congress, A Little-Known Perk For The Powerful

If House Speaker Paul Ryan comes down with the flu this winter, he and his security detail won’t be screeching off toward the closest CVS for his Tamiflu.

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